Share the current market analysis.

Weekly:

Last week closed with a small bullish candle with an upper shadow and reduced volume, indicating strong selling pressure above, within a significant resistance zone of concentrated trading. The bullish momentum is gradually weakening, suggesting a need for adjustment. Observe whether subsequent candlesticks show clear reversal signals to increase the basis for judgment.

Daily:

Since April 25, it has hovered around the 95152 resistance zone for six days without breaking through. After a volume breakout on May 1, it did not stabilize and returned to the resistance zone. From the starting point of this stretch at 74434 to this high point at 97938, it can be observed that the bullish momentum is gradually weakening. We are looking to see if a stop-loss signal appears near the recent support zone around 91700. If it tests downward again, a strong support level is around the 88772 neck line, observing whether a clear stop-loss signal appears. From the trend background, it is clearly in an upward trend, but there is a divergence in volume and price after the breakout, making the upward move not very healthy, thus there is a need for adjustment.

Summary:

The weekly trend background is mid-bull market, in an adjustment cycle. Once the adjustment ends, a new round of upward trend will begin. Currently, the market has rebounded to the resistance zone and a not very strong stagnation signal has appeared, awaiting more candlesticks to increase the basis for judgment.

The daily level background is an upward trend, and the current market is encountering significant resistance above, so it’s not easy to break through. There is a probability of forming a continuous pattern for adjustment, and after the adjustment ends, it will test the upper resistance zone again.

This week on May 7, Ethereum's Prague upgrade will take place, followed by the Federal Reserve's interest rate meeting on May 8. Let's see how Ethereum's weekly closing will be. The week of April 21 formed a strong bullish engulfing signal with a large volume and a doji star stop-loss signal. Last week formed a small volume star line, and overall it looks good. Additionally, Bitcoin’s monthly closing last month formed a bullish engulfing pattern, while Ethereum’s monthly closing formed a doji pregnant line with a long lower shadow. Both daily and weekly levels are in an upward trend, and stop-loss bottom signals have appeared at the weekly and monthly levels. The smaller cycles drive the larger cycles, while the larger cycles suppress the smaller cycles. When the trends gradually synchronize, it is the timing for the main upward wave to arrive. Continue to hold patiently, or during this period, build cash flow to increase positions.